Adani Green Energy (AGEL) on Wednesday announced that it will acquire SB Energy’s 5 GW India renewable power portfolio for a fully completed EV of $3.5 billion.
”Adani Green (AGEL) has signed definitive agreements for 100% acquisition of SB Energy Holdings Limited. SB Energy India is a joint venture between Japan-based SoftBank Group Corp (80%) and Bharti Group (20%) and houses 4,954 MW of renewable assets in India”, the company said in an exchange filing.
The transaction marks the largest acquisition in the renewable energy sector in India. The transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion.
With this acquisition, AGEL will achieve total renewable capacity of 24.3 GW (1) and operating renewable capacity of 4.9 GW.
This acquisition is another step towards the vision AGEL stated in January 2020, wherein they laid out plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030.
This acquisition makes it one of the largest renewable energy platforms in the world. The closing of the transaction is subject to customary approvals and conditions, the company added.
This is a Businesswire Feed; edited by Clean-Future Team